STRL - Earnings call transcript Q1 2018 | Sterling Infrastructure, Inc.

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Operator

Greetings and welcome to the Sterling Construction first quarter 2018 earnings conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star, zero on your telephone keypad.

As a reminder, this conference is being recorded. to conference like host, to now Maxwell. Jennifer would turn over the your I may begin. you you, Thank

Jennifer Maxwell

detailed Thank Good conference to Joe Ballschmiede, Sterling’s pleased you, call. be Cutillo, XXXX our Matt. to Officer, first morning financial Sterling’s to Financial Chief of provide will Chief quarter company for color and today earnings here and will us the trends. walk commentary Ron the call. some Sterling’s Executive am joining us Joe discussion I through with everyone quarter. the a around results Officer. performance on Ron of market Welcome the

Following begin call with the that, Safe for to of overview would the company’s like open we an will Harbor questions. up language. I

results to materially Please could a forward-looking these factors to of made projections a the today. call The affect most statements no new Sterling’s company I more could result out risk assumes and differ XX-Q to Joe. to over assumptions. Some today complete statements. the future like discussions or the filings would refer that from otherwise. that XX-K may statements way, of of With as recent and include turn information, of for description events Actual update obligation forward-looking

Joe Cutillo

poured the morning over quarter X,XXX executing products, revenue civil Sterling. time heavy we to adjacent to X,XXX-plus up those record profitability by first our and the saw grow. revenues to thanking strategy: to the a XX%. markets, quarter, margin We zero continued Sterling joining foundations, our first for were incidents. on XXX improvements the disciplined performance. dedicated in over Thanks on for everyone. result hired base, plate we of all and our backlog I’d Jennifer, delivering thanks a start employees projects, employees, and residential lost phases year and had In overall worked quarter, significant into up of a and as Versus three give our expansion us XXX good like the We high special call today the focusing stepping new remain solidifying the in prior see and to and

grew backlog combined Our X%.

income gross basis common This weakest and only almost Our to a the seasonally first a company million. in our not the is that XX a operating XXX our over profit in our $X.X strategy in time accomplishment years points, is improved to tribute is and quarter. margin that increased great not Sterling but made This something sector. its

began grew the President of our we began backlog our We the directing Tealstone In business turnaround high In adjacent we them of markets. expansion new Strategy backlog quarter, from and into our anticipated. margin expansion and highway residential addition performance, Vice the the focus away Development. into to non-heavy the efforts of a and shifting quarter towards and total market XX% outstanding Houston growth added of one over to than Business our earlier products

we timing in start surpassed are quarter. the in better have U.S., Dallas. the back the surrounding that poured scheduled housing recently number areas the could have two as new half date, not foundations one new developments Houston’s and market recently To second starts Our of to Houston the XX won in been and have

As developments throughout we continue crews year. add continue the to we further ramp to and resources, up will

our more in double-digit results heavy discuss Chief to With grow excited robust, our markets and at us Officer we’re We’re Ron off front that detail. as civil to growth sources to Financial to a about great are our continue markets rates to remain and funding in our of I’d over the like turn that, residential opportunities start it Ron? and Ballschmiede,

Ronald Ballschmiede

results. everybody. good Thanks quarter operating another discuss of pleased to morning strong am I and Joe,

financial the reminder, a was quarter As our did on the X, include first Tealstone financials completed XXXX. acquisition, which results not April of XXXX

backlog heavy At moved XXXX, and homes. quarter segment which Additionally, presentation finished plus we that single segment from heavy of our construction the civil of Tealstone. million $X.XX reporting with segments: $XXX awards single-family residential two business to construction with includes segment Tealstone’s reporting historical of The acquisition, gross foundations March commercial residential billion, historical construction combined construction includes compared totaling contains end XXXX. bid million at residential X.X%. We construction. overall construction segment backlog, low our civil concrete backlog to $XXX an unsigned our XX, the was the combined margin single beginning with Heavy civil for

was quarter Our to factor burn combined backlog the first XXX% for book of XXXX.

backlog that the which for segment. are does entirely first accounted less weeks. report is our backlog, the Residential our reflecting approximately performance of foundations two concrete XX% construction, civil Just a projects which term cycle revenue, comprised short heavy typically of reminder of quarter figures construction residential than not

joint factor is combined the venture important backlog our strength backlog. to construction Another of ratio of backlog

economics. backlog down backlog positive XXX% is of this where and year-over-year project backlog, XXX% news to we that a was majority-owned construction economics. million. around projects, statistic XX While share our minority the of quote, we revenue replaced line venture margins economics of close essentially basis, bottom we The backlog, combined gross quote, report project the On participate our XX% related in partners these shared this, to have $XXX with joint in

in quarter digit we which operating first steady in Dallas growth in derived The primarily year the was Rocky margins the increase balance of increase markets $XX.X million approximately an XXX region was the was the prior of quarter. consistent $XX.X the million heavy to construction was million first for first Tealstone from from increased revenue range. approximately our in XXXX accounted of acquired XX% grew for result quarter quarter, low of residential from starts higher business, The residential our G&A profit the from growth. with continue quarter Now principally growth The of first margin our the $XX.X projects. by points higher the or XXXX was XXXX increased compared segment segment projects. the inclusion construction points. million double participate Gross operating basis $XX.X XXXX. million, the gross gross to pro of quarter million The legacy results, $XXX result to increased year Tealstone quarter. increase civil over quarter-over-quarter moving XX% Gross quarter first by acquisition. $XX total margin in higher than margins in to The the $XX XXXX of of revenue earlier which attributable gross acquisition margin the our balance basis for housing XXX to of $XX G&A was of XXXX is expense the Mountain see dollar period, the our million this X.X%. the of with million first forma revenues the

expense in lower XXXX. percent the of of first decreased acquired driven of decrease G&A of percent overall the increased as X% quarter a a G&A construction Tealstone revenues, to by was and The civil leverage expense the revenue heavy X.X% As operating businesses.

expense a was members XXXX. XXXX the in Our incurred for comparable XXXX from interest the increase an reduction of of primarily The increase offset expense $XXX,XXX higher $XXX,XXX, operating other by quarter. partially first acquisition-related result was in quarter costs the

members our expense primarily costs. XXXX to interest approximately also other believe earn-out million, full-year We that and be operating will continue of $XX consisting

XXXX, of million an quarter first the quarter. XXXX XX% segment XXXX of totaled operating for to expense $X.X civil the quarter income $X.X of the income an million construction operating improvement construction. million, for over the Net reflecting $X improvement Our the interest standpoint, quarter accounted comparable in financing. applicable with the of quarter-over-quarter of the residential operating heavy balance versus acquisition-related improvement $XX,XXX of for same From XX% was the

joint The increase ’XX totaled quarter is the over the than of first aided expected the progress $X.X during related the quarter projects. by venture better on to joint The XXXX. reflection additional XXXX. our owners increased non-controlling weather a $XXX,XXX ventures favorable conditions region of first in Finally, Mountain these interest of the Rocky was activity of in first million quarter construction

all expect net total resulted effect net of of to $X.XX. net a XXXX. in and interest share continue million non-controlling We The million diluted our of first $X XXXX $X.X income approximately to income owners quarter these in per

or non-controlling components expense, first the I’d of of share. Our in a plus loss income EBITDA define net variety Sterling’s loss I with computation. definitions and depreciation quarter of earnings. that $X.X for for of thought diluted in EBITDA it start With compensation Note interest out as net include a per XXXX marketplace, stock-based add-back We $X.XX million tax was quarter an analyst the amortization. and the does and not intangible interest, investor

in of or the of million Our EBITDA compared XXXX. X.X% first of was revenues $XX.X X.X% quarter quarter first revenues to $X.X million or

a with quarter to balance sheet, of the ended we $XX.X Moving balance million. our cash

quarter first by expected, decline debt. driven large we a projects of the in in $XX.X million. balance and As million and our two cash XXXX $X.X declined consolidated our Hawaii, the first prepayment substantial successful Oaktree of seasonality, This completion and our Utah was quarter of by

our cash was consolidated The cash joint to $XX.X Oaktree XX, increase subsidiaries million operating million. of prepayment XXXX $X operating available projected full-year owned debt XXXX. flow down expect applicable cash construction of to income. debt $X.X and the historical first our $XX.X million the of cash with of make debt the million, approximate balance cash trends, Consistent million, We to second an the year at seasonal of aforementioned balance almost we our million, additional XX% quarter components $XX.X our consolidated expect to in our ventures generally consolidated quarter. our repayment, cash the XXXX of from from end Including balance March $XX with activities include throughout our

the turn Joe. over I’ll call Now to back

Joe Cutillo

and Thanks we process achieve quarter. have in results with very we were made the the strategic to first Ron. able pleased we are Again, the

our time profit almost The and we in consecutive quarter that improvement, first have a the quarterly shown row, our XXth seasonally first quarter. years represented slowest fourth XX year-over-year in quarter our a profitable in

robust focus our billion and shift that, of are growth, with full-year from be trends take to $XX guidance these your reiterate high to million $X we we continue to million. the coupled happy products high will $XX questions. business markets, net to $X.XX confident our we’d revenue to income and billion our With As turning margin of want around

Operator

from first [Operator Keybanc is Eastman Sean ahead. go Markets. instructions] from Please question Our Capital

Sean Eastman

start the you you mix work to a a has backlog that trajectory quarters comment next been you wanted that hoping few here. I cost are maybe steady guys of out if and around team. over I legacy to inflation, The year. margin margin X.X% on expansion there’s on couple great aspects drive could and was Congrats on just and at just and gross margin heavy Hi heavy pretty bidding now. could , in are gross the highway expecting the for pricing start highway and the quarters. maybe guys business what non-traditional and potential backlog some margin up that the

Joe Cutillo

the another there thanks and Yes, Sean We everything for Ron compliment. we there out where the the we’ve Ron? overall confident was it from about outstanding for year. some margins let of very talk the put by team. I’ll get goes those for feel It where in to still quarter categories.

Ronald Ballschmiede

Sure.

I will out, diminished think have that’s we to with from have as of level full productivity about for the QX, know XX% on order it the you under call QX, number and in quarter, I’ll seasonally add year consolidated charge - top the you you across QX That standpoint, the if hours having the close our small. QX, as it quarter, in quarter, a you our terms many overhead year so we a and of million big put what margin first of to full get just in from not manufacturing of average first coming basis. in back, under-absorbed slow that if first pretty $X will expectations take a

gross this the or little the in bottom some gross double drive into profit on I $XXX remarks think minus, That does be mentioned change bottom moving doesn’t a I the million, getting you improved when line standpoint prepared it to my Now by is shift and plus from profit line. but the going bit, the pretty earnings. significant economics replacing side, start

start as to into some think continue and alternative margin some I of delivery, to non-heavy of these we that highway you will book see improvement. move businesses,

one, we this half it’s have backlog frankly significant quarter, good running in year, the the We project, in million projects some the first bid our that and activity project in large the much. of business, pretty back highway up into the nice even but heavy booked in Xs, not that a $XXX

the large see these continue some trend a on that pop little We we expect year expect we’re that as bit. to during switch bidding of into backlog. to projects start up would to number over that putting We

Joe Cutillo

only is put we until really large like on as we a take can the conservative project, design-build other understand we one Utah, out all when in start. The extract project backlog we into the points I a job. is would margin That get relatively so add we’ll the that two in we that won’t of the

to get margin, at if execution a so last The other highway projects better continue heavy the so is is away the in an we piece which versus at will really we’re up in you’re side, up. the that as at down we low We keep is. fast creeping really, you situation. example, maybe slightly net X% we’ll Texas after bid average versus table on tell leaving on finished can the look we year, and market bid the chip take only a go competitors’ roughly when I our market, as to bids, you as good the on executed

activities to up as enterprise, we’ll drive some along with the increases continue We more those and the across the execution. market pick

Ronald Ballschmiede

our we’re backlog entering tribute us the to again organization favorable first executing year bit that in the the results than And in quarter a of helps projects the is were little margins which better also. XXXX, a the and on, so execution

Sean Eastman

comment projects Ron, I’m second that’s of just the in good there’s profile the had couple bigger if region and we should bookings pipeline. the helpful. clip a guys seeing in just maybe stuff of could - works pretty you around it, you the you you’re for Got half backlog this quarter. and curious a on Wondering near-term the mentioned here, of trajectory year. what expect the

Joe Cutillo

anywhere out results position first since Yes, quarter, I the think bidding TxDOT. is pretty lettings, some far try backlog coming million across the to on a activities and million on especially we were $XXX to always I’ll bids regions quarter, very we plan currently activity the to there They fantastically end do, generally never sizeable up. time of country coming there we the June bid when that is catch happy into the they’re nice with caveat behind some but that third is that of out from month bid they scheduled I there are but to and take XXXX where the up beyond. on Mountain enter very for on the second place. quarter it $XXX have just Rocky put big hopefully through see projects time, happen very, would nice some August us believe as the - in I bid Texas and

Ronald Ballschmiede

that business. backlog you’ll think going we’re thing side contracting of have highway. understand we to separated market year-plus better no there’s non-heavy is that a highway not, that, that That our the that continue little the heavy to profiles other we’re fill shrink being than we it’s business. grow, of come and traditional on our projects bit margins will continue continue I any those of tend coming doesn’t smaller, particularly that that’s to percentage backlog so the to in as to - and bidding, into different burn other big, to going our up and faster, proportion we’ll two backlog little but to one be commercial our do it’s of projects don’t heavy is a there. can mean backlog income a the the think we out on what and that heavy to the of so to highway so make tend selectivity to changed important continue be metrics sense, try The strong, statement it this reason More highway portion increase keep in with go to is you shift in going see greater hasn’t to risk than

Joe Cutillo

watching always line. I keep say, Yes, bottom just the

Sean Eastman

Got it, got it.

Joe Cutillo

[Indiscernible]

Sean Eastman

XX I you think me, Last from Houston slabs on the in expansion laid guys, - Houston were this said one is quarter. just

can front, numbers initiative. region also you the be that you’re on the if other any and some into what a you’re rate run there new into you then in building around guidance and that might you year, availability that wondering throw challenges curious could subs how of trend just facing where maybe finding your as Just through quarterly move

Joe Cutillo

Sure. poured, - Dallas, we crews, roughly efficiencies we us slabs it yet; one performed got date a have get a with We’ve to we’ve We’ve the the do that and you very XX to don’t in a crews not crews Dallas we out XX, have the six have model starts start times manufacturing very, we Houston two however, out have a Houston, model. talked our market, in quite different many as imagine. in as slab or to reverse and takes start-up little that In well. can

model. the momentum dollars half up than into squeak beginning million got; have built know, been customer as customers into slow we’re we’ve the the slabs income fast go to at We two better grow The screw I happy It’s very to picked firm year else. - I the but so developments only very that still very try the again, and the getting receptive, at anybody to plan that and in they’re another not with we Houston in a probably than holding for month, we to a XX the to can the month crews fortunate good, and as of of that. talking been we’re to--you to market. to related response XX or build on we’re of been pace that for I’d million this think good $X rather want be reiterate slabs team’s end income we year, up, hundreds have successful want million the some we’ve the the Houston expansion serve about or and everybody

Sean Eastman

and thanks. is helpful. really Okay, This again. so much, guys, Thanks congrats

Joe Cutillo

Thanks Sean.

Operator

ask question, reminder, to it if like is As a you’d a star, one.

from next Our Bill Davidson. is from DA Please Newby go question ahead.

Bill Newby

on Good guys, quarter. great and morning congrats another

Joe Cutillo

Bill. Thanks

Bill Newby

pretty weather that off, had couple to in Did I guys some guess tough a business this headwinds? just note give we start any Tealstone of Dallas quarter. that

Joe Cutillo

weekends up was question. is Tealstone the on flexibility not having in our we lie; which through, did and causes thing model they the certainly in we there’s record job their it - and I’m the with complications team quarter, the headwinds to our don’t some the consecutive The to we have the a if Dallas, tribute a to during get of had week, through of to get way and Hats managing going business XX that nice that’s for up of however, without team a as faced and the as make the or significantly tougher the get a no ramp rain we have but those again couple days times. the to they is off customers up rain, that as work with we long those great subcontractors needed, lot margins serious to impact capacity on There ramp impacting negative margins. quarter have - a and rain there to model model down we’re their ability a able about and those the days

Bill Newby

your Tealstone some just to you home markets the costs some good builders noted some on other Then opportunities. that hear. guys businesses found civil in with business last Joe, opportunities of you That’s and and had giving the quarter large

I Nevada mentioned additional more to on think that? Is there? last that the there color Are add any like to opportunities in find continuing you call. it you was

Joe Cutillo

The couple customers the the market do and the I’ll however, believe we call to on to the expansion to and put model of there; to we paving with the low-cost to great together to the two to we from side you are execution in is at in we model currently is that well. taking demand is heavy from we and work. team side. them. the and looking can try how in blend figure Houston Houston efforts What capabilities and the that got the faster response opportunities news looking the for model have What more team models, more growth the developments, if a the Tealstone we’re at and where and good money more has that do balancing foundation not it parallel are pricing sets do great the skills we’re structure we’ve customers place Tealstone not are equipment there the that want make out distract we the as the trying Yes, do a see market, side distract have today but with execution

Bill Newby

in Awesome, back for it jump thanks. That’s queue. me. I’ll

Operator

is if you’d Once like question, a star, it to again reminder, ask as a one.

is question Please next Walthausen. from Gerry ahead. Our from Heffernan go

Gerry Heffernan

you for very much great Good morning everybody, and a quarter. thank

Joe Cutillo

Thank you.

Gerry Heffernan

planning projects In other to other the projects efforts wage and as be insight of that regards etc.? you it have you aggregate, the now, you proper right any to to give wage oil-related far us or escalation, can asphalt, labor what bidding input some as as sure cost and your are heavy make guys goes, inflation amount

Joe Cutillo

Gerry, directly pricing all build of we’re the that projects, those first is the Yes there over get so life bidding into project. couple we of the project, things. a the When components fixed projects we of

what oil, bid rates for labor, we think based over we time, time do are given the is on project the we that build what process. like will For the those and things period of into we project, inflationary the of those

costs, on labor north labor, in anywhere from to diesel putting we’ve the a if up diesel probably we’re fuel; X%, looked market. depending our So $X gallon at you spiking of for well X been

hedge price their a to a with that to to a suppliers. inflation. or year degree sort obviously those cover level for dollar higher they will or steel time that comes seen ticket things. it’s increases If the in over of like haven’t we some lock into will to pricing of or build try that to items our aggregate the or of frame best we long time, but it period of items, some When of we craziness, Fortunately ability try the

Gerry Heffernan

enough Okay, people? sure have to you make and your efforts

Joe Cutillo

different Yes, getting a we so couple Labor far question into with have but to run it, about there’s continues get elements. people. issues tighter, no not

addition start of of term longer we’re put recruiting, and plan, our some human right the retaining is whole into and to capital In and training as go on part do now of organization, State how recruiting which a with looking element generation levels out strategic on the operators. in we’ve funding and all Texas of working the start actually the back schools developing next we high

Gerry Heffernan

great That’s .

You guys mentioned something are in the you heavy you’re the of regards to indicated discussing backlog is and and more the take as nature new, that not projects less aviation, highway of to going there. your business, etc. where which water towards commercial containment, looking

Joe Cutillo

Yes.

Gerry Heffernan

looking about a be that less at on I’m I a in burn should win However, bid period, a for therefore I’m has lower Am I a dollar future at you year, there’s that backlogs year versus in dollar basis projects, a as you bid in business If this shorter think faster there thinking to today that that I last that being a commentary risk comparison or that if risk what a think component backlog aggregate. correctly? perhaps your of that burn these I term. saw here, greater has mentioned right I the backlog shorter and what about if actually saw to looking am in

Joe Cutillo

return wants talk business revenue to and revenue we our don’t profile of that lowest can get and me Yes, wrong, significantly. as look margins, risk, of what faster we our require about. to at projects we but the operate is these as our have exactly higher about down strategy risk high talk for team, because investors, and--look, part what goes you can is get to projects be Everybody critical, less the come burn and that’s margin capital run move we

can a on of going involved lot into and we very, input low other for are very the DOT into are bid the element bid be, further the risk build amount alternative a as projects, even project a The it don’t what projects design, mitigates it where a we’ve versus no for get that know in you the is delivery the we takes the of phase so which good not--it’s tremendous time, of a is these had that phase, percentage design out and play the variability comes and variability what different. to says, did it’s imagine you we

great is our observation. Most that risk big that, spot from of to we objective and else. our but managers people don’t strategy, catch So you’re as day a that’s part are and on a day - much as anything

Ronald Ballschmiede

durations friend. it things the eat control of civil of we’re right let’s and at We large you DOTs In the those enhance XX/XX at than going mix have the our commercial those on with all otherwise that overhead and in of alternative on projects, strategy your is the enjoy highway highway many of others, some there In Extensions also not these. models. in non-heavy and kind a and so of heavy of scope can states own the whim some destiny of in so more be for heavy who to but their extended. delivery into unusual scope, with element business, contracting, short that’s all everything heavy we get business go otherwise, strength highway heavy up with a now highway our time

Gerry Heffernan

that’s Okay, great.

backlog take large I projects the each with and of statement forward the venture in so you going made combine will So I dollar have it, not of if earlier should be know, future joint the lower that that here, better will we’re for a and dollar higher backlog that at each profile looking next--you risk really of be economic economics, backlog a the the profile.

Joe Cutillo

in enhances our a is work. projects some and specific economics skills, by we there into specific best have some having is those opportunity win and are would thing are reason enter has I made be only it that Yes, the the partner usually to words, the joint the our other add we because to skills construction venture;

Now opposed does good unfortunately, home. away from to to not, some to it let’s pretty bring we could because run on as they’re going the of people say, our risk going of or a we backlog, got of of but specific we’re not actually those XX% We us not is else what The what’s is some consolidated joint different accounting venture get the rules the talent these of reward, them, understand construction strategy words, should it’s and pure projects; successful so is than and see these so highlight a backlog one when a ventures we require target. like to in the strategy collective joint there to otherwise. us if metrics better at bring well, but bad what’s other need they’re that are help XX% risk, risk somebody economics more do of

Ronald Ballschmiede

Yes, of think Gerry, robust. think overall heavy we’re very think now to had, fortunate different that you are of worlds, highway we’ve markets historically the base two right our business I that if the

Our strategy go lower there’s there we’re we’ll one is heavy is that risk. if going after call that opportunity two best this and the only out of one, while sets, skill margin, and lowest there’s to cherry-pick that if really higher these jobs we fit to, markets other and risk build our what I’ll after those, two; adjacent go civil

highway, we’ll from last cash on, beginning of this markets up period, that lower remain every cow the business use to grow that--think continue productivity that As it risk, to margins other, margins those these we’ve adjacent drive said our will our the out. continue highway, have XX% civil XX% in into to heavy over reinvest into three-year a can those make cost the this out is at eke pick our margins, and year, in and selectively to in non-heavy reasonable we and and objective to heavy year of of jobs and to is this higher as

Gerry Heffernan

to great. had I that’s started be us, achieving clear well X.X% was you you of Tealstone, to margin to that basis XXX. gross someone in I talking to that margin to up know plan it we’re yet the picky, of X.X% and that a Well, when think result, Joe, press don’t business? from in I much the the path XXX commentary release it’s mentioned looks to just the I attributable discussed goal. first new mean like says were increase on it the gross wanted the that - how from points

Ronald Ballschmiede

one the my bit remarks. It’s a total. Tealstone, probably XXX% in precise I was I think of XXX little Yes, approximately. prepared words more is

Joe Cutillo

basis Two points. hundred and thirty

Ronald Ballschmiede

Yes.

Gerry Heffernan

great. Okay,

on commentary, basis, makes Again that this apples-to-apples I quarter, that descriptive the the for XX% was operating breakeven if near income--I first above alone income if time made more years of the even darn and through which you construction. XX was XX% net construction lastly, forget you in an I business correctly, from Tealstone Just net said believe, go income that says or that powerful. improvement, was

Joe Cutillo

I heavy well extremely civil proud business. the pretty very world is In and we it’s a that, of and that’s our the improvement, it’s we’re be spot they listened as difficult I quarter, Tealstone, up do super. love that business performance all to thing but our the we’re sector, outstanding, has first the to this to of done to got. earnings job. going a and stepped calls everything Yes, have why money on is our performance but a These about great huge and in honest. think haven’t said our in guys and world in - do trajectory excited the point. is They’ve all they - and we’ve difficult That to base were make of peers, you’re really Look and a good performed that done

Ronald Ballschmiede

Tealstone, income, that got balance the you XX% was of heavy it Gerry, - civil. And operating it so right almost

Of course, you can is it’s the one understand. because reason we pick actually operating

interest cover complaint That’s - and transaction. it’s in a think and powerful, But combination darn We traditional home it’s have of quarter if the effect million them, quarter not were every it’s a now, work. I you’re been we’ve that and of it’s we nicely both transaction. - run to numbers owned accretive $X right the pretty I our a profit right just would be still believe non-Tealstone first about

Gerry Heffernan

work. hard you great much all Well, Thank results, gentlemen. that’s very the for

Joe Cutillo

Thanks.

Operator

turn you’d reminder, it If like questions, management any like back a final are no star, question, to for over to closing I’d there a the one. ask As if to comments. floor is further

Joe Cutillo

Thanks our again joining everyone today. Great. call for

at Investor contact Equity Jennifer please to found Maxwell, free Director If day. the have great call, feel bottom and our be at the information a press Group. partners a you our can thanks wish contact Relations, everybody schedule Again, or Their The to of of release.

Operator

concludes teleconference. This today’s

You lines participation. Thank may your for time. disconnect this you at your

Sterling Infrastructure (STRL) 8 May 182018 Q1 Earnings call transcript